The Future of Medical Electronics: Emerging Technologies and Market Trends

The Global medical electronics market size is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026; it is expected to reach at a CAGR of 6.9% from 2021 to 2026.

The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.

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Medical imaging application held the major market share in the medical electronics market in 2020 and is expected to dominate the market during the forecast period
The rising prevalence/incidence of cancer and cardiac, neurological, and musculoskeletal disorders; the increasing awareness and improving diagnosis; and a growing number of diagnostic procedures have escalated the demand for medical imaging in healthcare facilities worldwide.

Moreover, improved healthcare infrastructure in emerging markets and the availability of low-cost, technologically advanced imaging systems having applications in multiple fields are further boosting the medical electronics industry growth globally.

Ventilators and RGM equipment to grow at the highest rate during the forecast period
The vetilators and RGM equipment could witness a high growth rate in the medical electronics market during the forecast period. Demand for ventilators and RGM equipment is constantly rising and is expected to grow at the highest growth rate during the forecast period. Factors accelerating the demand for ventilators and RGM equipment include the rising cases of respiratory diseases as well as the recent outbreak of COVID-19.

Key Market Players in Medical Electronics Industry
The major medical electronics companies in the market are Analog Devices(US), Texas Instruments(US), TE Connectivity(Switzerland), Medtronic(Ireland), and ST Microelectronics(Switzerland).